Prices slashed, offers scarce, outlook murky: 53% of Britons expect a housing crash in the next five years, but it’s not bad news for everyone.
Reduction, reduction, reduction is fast becoming the estate agent’s new mantra. It doesn’t matter what the location, if a property has failed to go under offer, or even stretch to a viewing a month, then the odds are that the price needs cutting. Brochures, if they are still produced, no longer state the guide price, as it’s too costly to reprint for every downward adjustment; and vendors are switching property portals to tempt new audiences.
One third of sellers have already been forced to cut their asking price last month, as the property market stalls. And 33% of UK homes on the property portal Zoopla were originally listed for more money before their prices were trimmed, according to the firm’s research. Yet the average value for a property in the southwest has broken £250,000 for the first time, according to the Land Registry.